THERE IS LIGHT AT THE END OF THE TAX TIME TUNELL!

Howdy folks,

End of financial ha fast approached and zoomed past us again for another year and we all know that means it’s tax time! During this stressful time of year it pays to have your affairs in order – and by getting your ducks in a row, you can save yourself the pain of a splitting headache for when it’s time to do your tax return.

Did You Know, if you know exactly what you are entitled to claim you can start enjoying the savings in your pay packet each week, rather than waiting until the End of Financial Year.

For instance, if you know that your property-related tax deductions amount to $6000, that equates to a tax refund of $1890, if you pay tax on a standard 31.5% tax bracket (annual income of $30,000-$80,000). That’s $36 per week you could have deposited into your account as part of your regular salary, instead of waiting to receive it as a lump sum when your file your tax return. To investigate this option, get in touch with your payroll officer or accountant so you can fill out the appropriate forms.

In the mean time and for future reference, here are some tax deductions you may be able to claim as a property investor.

• The cost of travelling to inspect, undertake maintenance and repairs or improvements to the property

• Stationery, postage, telephone calls and internet access related to the property, collecting rent or undertaking maintenance and improvements We suggest that you keep receipts for all purchases that relate to your investment property, even if they’re not on this list.

That way, when your accountant prepares your tax return, they can decide whether you are allowed to claim a tax deduction for them or not.